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NULEGACY INTERSECTS HIGHER GRADE GOLD MINERALIZATION

NuLegacy Gold Corp. (NUG.V) has released assay results from five reverse circulation holes drilled during August in its 100-per-cent-owned Iceberg oxide gold deposit. The primary target is the shallow Carlin-style oxidized gold mineralization within the three-kilometre-long-and-0.5-kilometre-wide Iceberg gold deposit in the Cortez gold trend of north-central Nevada.

Highlights from the infill and step-out drilling expanding the north zone of the Iceberg include:

  • 2.16 grams per tonne gold over 21.3 metres (70 feet) including 6.09 g/t gold over 4.6 metres in RHB-82;
  • 1.63 g/t gold over 10.7 m and 0.59 g/t gold over 24.4 m in RHB-83;
  • 1.28 g/t gold over 18.3 m including 2.36 g/t gold over 7.6 m in RHB-84.

“Intervals of consistent gold mineralization that have core intervals of substantially higher grade, as in holes RHB-82 and 84, are typical features of Carlin-type gold deposits,” commented Dr. Roger Steininger, NuLegacy’s chief geoscience officer, “and are a strong indication that additional drilling will continue to expand the Iceberg deposit.”

Holes RHB-82 and 83 are the two most southerly holes drilled to date in the north zone and continue the progress toward filling the gap between the north and central zones of the Iceberg deposit. The gold mineralization is hosted predominately in Devonian silicified limestone breccia that is strongly oxidized and similar to the mineralized zones in the Cortez gold trend’s other major gold deposits.

Two just-completed wildcat holes drilled into the Avocado and IRC anomalies are in for assay; as well the company is halfway through a $100,000 10-line CSAMT (controlled-source audio-frequency magnetotellurics) and induced polarization survey program covering the entire Iceberg gold deposit. This is expected to greatly enhance the company’s targeting ability once completed and analyzed.

                  ASSAY DETAILS       
          
Hole        From     To      Length Grade
No.          (m)    (m)   (m)  (ft) (g/t)

RHB-82      61.0   65.6   4.6    15  6.09
within      54.9   76.2  21.3    70  2.16
and         88.4  103.7  15.3    50  0.78
RHB-83      57.9   68.6  10.7    35  1.63
and        111.3  135.7  24.4    80  0.59
RHB-84      82.3   89.9   7.6    25  2.36
within      77.7   96.0  18.3    60  1.28
RHB-85     126.5  140.2  13.7    45  0.30
RHB-86     111.3  137.2  25.9    85  0.20

About NuLegacy

NuLegacy Gold is expanding its Carlin-style near-surface Iceberg oxide gold deposit with an established exploration target of 90 million to 110 million tonnes of 0.9 to 1.1 grams of gold per tonne (i), and exploring for additional gold deposits on the 38-square-mile (98-square-kilometre) Red Hill property located in the Cortez gold trend of Nevada.

The Iceberg gold deposit has similar geology to that of Barrick Gold’s multimillion-ounce Pipeline deposit the discovery of which is credited to NuLegacy’s chief geoscience officer, Dr. Steininger. The Iceberg is located on trend and adjacent (ii) to three of Barrick Gold’s multimillion-ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) that are among Barrick’s lowest-cost and politically safest gold assets (iii).